India: Vizag Steel Reduces Pig Iron Price by INR 1,000/MT (USD 14)

Vizag Steel - one of the largest suppliers of Pig iron in South India has reduced its prices by INR 1,000/MT (USD 14 or 3.2%) for Dec'18 deliveries.

The latest offers by the Vizag Steel for steel grade pig iron has floated at INR 30,000/MT (USD 428) Ex-plant, Vizag, Southern India.

Last month (Nov'18), the company had rolled over prices over volatility in Indian domestic & global market along with raw materials.

As per market sources, amid slump in Indian steel & global scrap prices, large mills have been forced to cut prices to fetch better trade volumes.

Notably the assessment showed price corrections through the mid size mills by INR 1,000-3,000/MT during Nov'18. The current Billet prices for induction grade & 100*100mm, in South India - Hyderabad hovering at INR 32,500/MT, which was at INR 34,000/MT, ex-plant a month back.

Vizag Steel (RINL) is one of India's largest steel manufacturers under the Ministry of Steel and has recently increased its steel capacity from 6.3 MnT to 7.3 MnT pa.